Brent crude futures fell sharply to $72.65 a barrel, dropping $2.61 or 3.47% in the session.
The benchmark is on track for significant weekly losses as markets rapidly unwind the supply risk premium that had built into energy prices amid earlier transit concerns.
46 or 3.42%. The synchronized drop across benchmarks reflects a broad reassessment of immediate supply disruption risks rather than a fundamental shift in demand outlook.
West Texas Intermediate (WTI) mirrored the decline, falling $2.46 or 3.42%.
The synchronized drop across benchmarks reflects a broad reassessment of immediate supply disruption risks rather than a fundamental shift in demand outlook.
The price action follows reports that shipping activity through the Strait of Hormuz is showing signs of stabilizing.
As tanker traffic resumes a more predictable pattern, the immediate threat of a bottleneck in one of the world’s most critical energy chokepoints has receded, removing a key support level from crude valuations.